2023-05-14 21:00:06
Debt collection pressure is coming, but it’s hard to find a solution
Securities companies and financial authorities firmly stance, notice before large-scale lawsuit
Investors who received a debt collection notice due to the ‘SG Securities crash’ caught fire. It is because they are looking for various solutions from civil lawsuits to rehabilitation, but the situation is not good. Some investors have filed a complaint with the financial authorities to ask for a moratorium on debt collection, but the stance of the securities companies and the financial authorities is adamant, so the worries of investors are deepening. In reality, there is a prospect in the legal world that a large-scale lawsuit will eventually go to the end because there is no suitable remedy.
Ra Deok-yeon, CEO of Hoan, attends the interrogation (warrant review) of the suspect before arrest held at the Seoul Southern District Court on the morning of the 11th. Photo = Yonhap News
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According to the legal community on the 15th, each law firm is increasingly requesting damage recovery counseling from investors who have been damaged by this incident. One & Partners, a law firm, reported that more than 20 people had consulted immediately after announcing that they were “preparing a civil lawsuit against a securities company.” Other law firms, such as Law Firm Gwangya, are also preparing civil lawsuits against stock manipulation gangs such as Ra Deok-yeon, and LKB Law Firm holds a seminar explaining how to recover once a week.
This is because securities companies are pressuring investors to proceed with debt collection for unpaid or unpaid debts. Ra Deok-yeon and other stock manipulators traded stocks through cell phones in the names of the investors they recruited and opened CFD accounts without the consent of the investors. For example, Kiwoom Securities announced on the 25th that it would collect 100% of customer margin for eight stocks whose stock prices plummeted due to this incident, including Sunkwang, Harim Holdings, and Shebang, due to increased open settlement risk.
Investors are desperately looking for a way out. Mr. A, who started investing with a credit loan, is being urged by a securities company to collect debts. Mr. A said, “I couldn’t tell this fact to my family, so the pressure is more severe.” Other investors are in the same situation. An official from a law firm said that most of the damages to clients due to leverage exceed 1 billion won. It is known that among the investors who sued CEO Ra, there was a case of losing 10 billion won, including the principal. Some investors have been subject to provisional seizure.
Some investors even asked the financial authorities to suspend debt collection and delay interest payments. On the 4th, law firm Daegeon filed a complaint with the Financial Services Commission. Gong Hyeong-jin, a lawyer at Daegeon Law Firm, said, “It is not dignified for a securities company that has made huge profits from this situation to immediately proceed with a collection in a state where the responsibility is unclear.” .
However, the position of the Financial Services Commission and the securities industry is firm. An official from the Financial Services Commission said, “Since it is a matter between individual securities companies and investors, I don’t think it is a matter for the government to get involved in principle.” An anonymous securities industry official said, “It is questionable whether the securities company should be held responsible for the problems caused by handing over the person’s information, opening a mobile phone and opening an account.”
Legal experts also view the possibility of financial authorities’ bailout of investors as low. Seo Ji-won, a representative lawyer at Law Firm Naran, said, “It is not known whether the alternatives such as the postponement of debt collection by the financial authorities and the suspension of delayed interest” that investors insist on can be established. It is not easy to find a remedy because the possibility is high,” he said.
Reporter Hwang Seo-yul [email protected]
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